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Hong Kong’s Policy 2.0 initiative was launched Thursday as the territory accelerates its tokenization push through the new LEAP framework. The comprehensive Hong Kong crypto regulation introduces legal clarity, ecosystem expansion, real-world applications, and also people development to strengthen the region’s Web3 adoption Hong Kong strategy and drive digital asset market growth right now. Also Read: Hong Kong’s Stablecoin Ordinance Starts in August, Global Firms Join How Hong Kong’s Crypto Regulation And Tokenization Framework Drive Web3 Growth Source: CoinGeek Policy 2.0 Establishes Comprehensive Stablecoin Framework The tokenization framework under Hong Kong’s Policy 2.0 introduces mandatory licensing for stablecoin issuers starting August 1. At the time of writing, the Securities and Futures Commission will oversee digital asset dealing and also custody providers. The Financial Services and Treasury Bureau and Hong Kong Monetary Authority will conduct legal ...

Circle is entering an agreement with a Hong Kong telecommunications firm with the aim of building blockchain-based solutions for the Asia-based company. The USDC stablecoin issuer says it is signing a memorandum of understanding with the technology, media and telecommunications firm HKT to “explore a potential collaboration in developing blockchain-based customer loyalty solutions for merchants in Hong Kong.” “Leveraging Circle’s expertise in Web3 Services and HKT’s extensive merchant ecosystem and customer engagement capabilities, the two companies aim to develop customer loyalty solutions backed by Web3 technology that will enhance how consumers discover and engage with merchants, fostering more social and dynamic engagement experiences.” Circle says its suite of tools for developing blockchain-based solutions includes its programmable wallets that enable the use of crypto assets and smart contracts safely and easily. News of the potenti...

1. Indian Court Bars Police from Freezing Entire Bank Accounts in Crypto Fraud Investigations link The Madras High Court in India has ruled that police cannot freeze an entire bank account during a financial fraud investigation, but only the amount directly related to the fraud. This ruling came in response to a case where accounts were frozen as part of a cryptocurrency investigation. Justice G. Jayachandran emphasized that freezing an entire account can deprive individuals of their livelihood and financial stability. He noted that account holders are often unaware of the reason for the freeze, and by the time they find out, their routine financial and business transactions have already suffered significant harm. 2. The Mainland of China’s Crypto News This Week 2.1 Cryptocurrency Dispute Rejected by Court in Hunan Following Buyer’s Lawsuit link In this case, an individual named Zhou sought assistance from his friend Dai to purchase BZZ, a type of cryptocurrency, for investment purpose...

The Hong Kong Virtual Asset Rating Agency (HKVAC) has announced the results of index adjustments. The index adjustments will take effect on Jan. 19. The HKVAC global large crypto currency index has added Internet Computer (ICP), Near (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) while removing TrueUSD (TUSD), Binance USD (BUSD), Hedera (HBAR), Filecoin (FIL), and MakerDAO (MKR). The HKVAC global large crypto currency top 5 index and weighted index will add Solana (SOL), replacing Ripple (XRP). The HKVAC Global Large Cryptocurrency Top 10 Index and Weighted Index will add Avalanche (AVAX), returning Tron (TRX). Last time, in October 2023, HKVAC replaced the USD Coin (USDC) with XRP in the HKVAC Cryptocurrency Global Large Top5 Index. In addition, HBAR, MKR, and Quant (QNT) have been added to the critical large market cap cryptocurrency indices, and Cryptonex (CNX), ICP, and HEX tokens have been removed. You might also like: How Hong Kong became the new h...

Value Partners, a Hong Kong-listed company, is set on issuing blockchain tokens backed by physical gold and filing applications for crypto-related ETFs. According to local media Hong Kong Commercial Daily, the firm plans to tokenize its three tons of gold bars worth an estimated $201 million at current prices.  Value Partners already offers the only Hong Kong gold ETF backed by physical gold and believes digitizing its precious metal with blockchain technology will only improve accessibility for investors.  The move comes after gold hit its all-time high and traded at $2,150 on some venues in December 2023. Gold gained over 14% per data from TradingView. Gold 2023 stats | Source: TradingView You might also like: Hong Kong to allow retail investors to participate in spot ETFs Additionally, Value Partners disclosed its strategy to foray into cryptocurrencies. The Hong Kong asset manager is considering bringing several virtual currency exchange-traded funds to market. ...

Applicants seeking listing on HashKey Exchange must pay an application fee of $10,000 to enter the token review process. Hong Kong crypto firm HashKey Group has unveiled a listing policy for those interested in bringing their cryptos to the Asian region. In a support page announcement, HashKey said applicants seeking to roll out their tokens on the platform would have to pay a $10,000 review fee. The company noted the application fee is “non-refundable,” adding that payment of the application fee “does not guarantee a successful listing on HashKey Exchange.” In addition to the review fee, applicants must pay a “one-time listing fee” ranging between $50,000 to $300,000 before officially listing on HashKey Exchange. As per the firm, the listing fee is based on the “complexity, unique characteristics and transaction structure of the token ” and “expert opinion and the regulatory approval process.” It is unclear who will repre...

Hong Kong’s Securities and Futures Commission (SFC) is collaborating with the police to form a specialized task force aimed at combating illegal activities on crypto currency trading platforms. In the wake of the JPEX scandal, Hong Kong’s regulatory bodies are making significant moves to combat illegal activities in the crypto currency sector. The SFC and Hong Kong Police Force (HKPF) have joined forces to exclusively monitor and investigate illicit practices related to Virtual Asset Trading Platforms (VATPs). The task force will combine experts from various divisions of Hong Kong police and the SFC. The team includes members from the Commercial Crime Bureau, the Cyber Security and Technology Crime Bureau, and the Financial Intelligence and Investigations Bureau of the police force.  You might also like: Hong Kong police retrieve $11M in assets from JPEX investigation This collaborative venture was officially greenlit on September 28, following an upper-echelon ...

The Hong Kong Monetary Authority has cautioned the public against crypto firms that describe themselves as banks or offer products termed as deposits. On Sept. 15, the Hong Kong Monetary Authority (HKMA) issued a public statement expressing concern over crypto companies labeling themselves as “ banks ” and offering what they describe as “deposits.” According to HKMA, such categorizations may contravene Hong Kong’s Banking Ordinance, which strictly forbids unlicensed entities from using the term ‘bank’ or making any representations that suggest they are conducting banking activities in the region. The authorities consider such acts an “offense.” In the official release, the HKMA stated, “The HKMA is aware of some crypto firms describing themselves using terms such as crypto bank, crypto asset bank, digital asset bank, digital bank, or digital trading bank, or claiming to offer banking services or banking accounts.” The concern with this is the potentia...

The Hong Kong Securities and Futures Commission (SFC) has advised investors to exercise caution regarding JPEX, a cryptocurrency exchange operating without regulatory approval. Hong Kong clamps down on JPEX The SFC, in an announcement on Sept. 13, noted that none of the entities under the JPEX Group has obtained a license, nor has there been an application to operate a regulated virtual asset trading platform (VATP). Instead, JPEX utilizes social media influencers, key opinion leaders (KOLs), and over-the-counter (OTC) crypto money changers to promote its products and services to customers in Hong Kong. Furthermore, the regulator has outlined some concerning activities associated with JPEX and its promoters. These include a false statement on JPEX’s website, where it claims to be regulated by foreign regulatory agencies as a regulated VATP. Additionally, the company offers high annual yields for certain products, with rates as high as 21%. The SFC has also received compla...

Saudi Arabia’s Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) recently held a meeting to discuss ways of boosting financial services integration and cooperation.  The July 27 meeting aimed to strengthen the partnership between Saudi Arabia and Hong Kong and enhance their financial systems. The focus was also to agree on tokenization and payment infrastructure. Saudi Arabia and Hong Kong discussion SAMA and HKMA representatives discussed four key focus areas, mainly financial infrastructure development, open market operations, market connectivity, and sustainable development. They also explored supervisory technologies, such as artificial intelligence, machine learning, tokenization, and payment infrastructure.  SAMA and HKMA signed a Memorandum of Understanding (MoU) to collaborate on financial innovation to facilitate joint deliberations. The agreement was signed by SAMA’s governor, Mr. Ayman Alsayari, and HKMA’s chief executive, Eddie Y...

Hong Kong has been making rapid strides in the Crypto, Web3, and DeFi space. Well, the special administrative province intends to become the digital hub and its actions are in line with the same. Just a few hours back, the region’s ZA Bank, revealed that it is enabling fiat and crypto transfers while offering account services to the city’s expanding digital asset industry. This basically means Hong Kong ’s largest virtual bank would now act as a “settlement bank” for crypto exchanges. Hong Kong is parallelly looking to notch up its regulatory game as well. Keith Choy, the Interim Head of Intermediaries at Hong Kong ’s Securities and Futures Commission [SFC], recently said at a Web3 Festival in Hong Kong that DeFi projects need to be regulated. In fact, as long as DeFi activity falls within the ambit of the Securities and Futures Ordinance [SFO], it needs to face the same regulatory requirements as traditional financial activity. Breaking: After the launch of the US DeFi risk rep...